Market research firm Javelin is heralding the rise of mobile banking with a new report. Entitled “2016 Mobile Banking Financial Institution Scorecard: Mobile Becomes the Remote Control for Banking”, the report illustrates the growing importance of mobile banking while highlighting associated technologies such as biometrics.
Looking at 30 major financial institutions in the US, the firm says that mobile banking enrollment rose from seven percent in 2014 to 30 percent in 2015. Similarly, over the same period, the number of institutions supporting mobile account creation doubled to reach 33 percent.
In the report, Javelin also named its Mobile Banking Leader award winners, in recognition of “the biggest innovators in banking on small screens among the top 30 financial institutions by deposit size,” and it’s worth noting that support for biometric authentication was a major factor in its selection of honorees. The 2016 Javelin Mobile Banking Leaders in Functionality, for example – BBVA Compass, BB&T, Bank of America, USAA, and Wells Fargo – were lauded for offering “emerging capabilities, including biometric login support, mobile banking enrollment through mobile devices, and turning payment cards on or off within mobile banking.” Meanwhile, USAA won the award for 2016 Javelin Best Overall Mobile Banking Leader, and was lauded for, among other things, offering “best-in-class biometric login options“.
Together with Javelin’s research findings, the plaudits suggest that biometric technology is rising hand-in-hand with mobile banking, offering a uniquely convenient and effective means of securing mobile transactions. And as mobile payments continue their ascent, with the most prominent platforms also relying on biometric authentication, banks seeking to adapt to the mobile revolution are likely to take some cues from those leaders as well.
May 19, 2016 – by Alex Perala